Industry

Real Estate

Company Type

Residential Rental Real Estate

Size

$150 Million

Investment Type

Equity

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Align Living

Overview

Align Living is seeking $100-150 million of equity to develop its residential rental real estate platform – affordable, government subsidized rental units under the Section 8 voucher program

 

Most Section 8 owners are small, local, and under-capitalized with poorly maintained properties


Align is not aware of any other institutional real estate platforms focused on Section 8


Acquire single family homes and build-to-rent communities provided rents are government subsidized and meet acquisition criteria


Create value through renovation and market appreciation


Founder Matt Arminio has built a successful portfolio of 53 affordable rental homes in St. Louis, MO

 

Align Living

Opportunity

Significant need for affordable rental homes in the US


Section 8 Housing Choice Voucher Program (administered by HUD) assists low-income families, the disabled, and the elderly with safe housing


Subsidizes 80-100% of rent, determined typically by 30% of tenant income


HUD allocates over $40 billion annually to the program – approximately 2.2 million households use Section 8 vouchers


Section 8 homes tend to have shorter vacancies due to long waitlists and affordable housing shortages and higher rents than for similar non-Section 8 homes

 

Align Living

Solution/Strategy

Acquisition target: total cost per home 90% of estimated after repaired value


Sourcing will be done through strategic relationships with Offerpad (leading online marketplace for buying/selling homes) and other off-market aggregators


Offerpad’s Dave Connelly, Chief Growth Officer, and Dan Mayes, Chief Information Officer, will be advisors to Align


Institutional quality property management expected to attract the best tenants at the best rates

 

Align Living

Management

Matthew Arminio- CEO

Experienced real estate professional with extensive experience in all real estate asset classes  (particular expertise in residential)


Acquired, built, renovated, repositioned, managed and sold over $250 million in assets


Managed every facet of the business, including as investor, developer, general contractor, acquisitions/dispositions, operations, property management, project management and broker


BA, Business Administration and Finance, University of Notre Dame. MS, Real Estate, DePaul University

 

Dave Connelly

Advisor/CGO, Offerpad

Responsible for overseeing growth initiatives at Offerpad


30 years finance experience at several major institutions, including Citigroup, Sandler O’Neill, Guggenheim Securities and Bear Stearns


Strong expertise in business development and design, structuring, and placing of all forms of credit instruments – structured finance, alternative investments, specialty finance, private equity, and CRE


Products include MBS, ABS, CMBS, CRE, SFR, servicing, originations, commercial and residential loans, NPLs, CLO’s, CDO’s, derivatives


BSM, Accounting and Business Management, Tulane University

 

Dan Mayes

Advisor/CIO, Offerpad

Oversees product, technology and business intelligence and analytics at Offerpad


Over two decades of experience as a corporate leader and entrepreneur in the financial services, technology, and real estate industries. Prior to Offerpad, founded AZ Bidder in 2009, the first national single-family home online bidding, analytics, and valuation-focused real estate brokerage service, which acquired more than 30,000 single-family homes


Other experience includes technology positions at Priceline, First Data Corp (now Fiserv), Dean Witter Discover & Co and Citicorp


Attended Southern Illinois University and University of Illinois Chicago

 

Align Living

Learn More About This Transaction Align Living
Thank you for your interest in Align Living. Please fill out your information and we will contact you shortly with more information about Align Living.

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CONTACT US

Hi. We're not around right now. But you can send us an email and we'll get back to you, asap.

Thanks, Ken

Ken Margolis | Managing Partner Castle Placement, LLC
1460 Broadway Street, Rte 400
New York, New York 10036
(212) 418-1188 | C: (516) 712-7784
kmargolis@castleplacement.com

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